SPORT CHALET GETS NEW BANK DEAL.
Under terms of the revised deal, Bank of Americawaives an existing default covenant on the facility and lowers the amount thatSport Chalet may borrow against the borrowing base of its credit facility byapproximately 3% to 61-66% of the retailer’s eligible inventory. Also, underthe new financial package, Sport Chalet sees its interest rate raised to primerate plus 2.0% or LIBOR plus 4.5% versus prime rate plus 0.5% or LIBOR plus2.5% previously.
The amended credit facility, ... Log in to view full article.
